ASX Large Caps: RBA states the obvious, Mining and Energy lead blue chips lower

Local shares slipped 0.73% today as the Reserve Bank (RBA) warned the war in Ukraine could cause higher inflation and lower growth globally.

In its minutes from the March 1st meeting, the RBA also warned of further disruptions to the global supply chains.

“…it would take time for supply issues in the global economy to be resolved. The war in Ukraine is adding to these challenges.”

Experts say that China’s recent lockdown of the southern coastal city of Shenzen could also exacerbate the supply chain issues, as factories in the city have been told to halt operations temporarily.

On the ASX, Energy and Mining were the underperforming sectors today, falling by 3% each.

Iron ore mining stocks in particular were being sold down, as clouds loom over China’s economic outlook due to the lockdowns.

Fortescue Metals (ASX:FMG) was down almost 5% today, while gold stocks slipped again to US$1,940/ounce from the US$2k level just a week ago.

Brent crude has also been down by more than 20% this week from the peak of US$140 seen last week. A deal by the US that could see Iranian oil back on the market could be struck within days, reports said.

Oil stocks like Santos (ASX:STO) were down almost 5%.

Traders’ eyes are set on the US Fed FOMC meeting this week, which is expected to bring a 25 basis point rate hike.

BIG CAP WINNERS

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Code	Name	Price	% Change	Volume	Market Cap
UWL	Uniti Group Ltd	4.04	28%	4,874,858	$2,140,656,456
CEN	Contact Energy Ltd	7.75	6%	13,334	$1,804,555,746
PPH	Pushpay Holdings Ltd	1.02	5%	765,957	$1,106,612,529
JHG	Janus Henderson	46.675	4%	191,852	$1,054,480,274
DDR	Dicker Data Limited	14.37	4%	138,191	$2,386,772,624
HLS	Healius	4.46	3%	1,288,772	$2,494,909,046
SDF	Steadfast Group Ltd	4.74	3%	1,875,993	$4,487,156,208
AMC	Amcor PLC	15.49	3%	4,507,661	$12,044,011,995
AUB	AUB Group Ltd	21.62	3%	99,877	$1,561,406,425
SUN	Suncorp Group Ltd	11.06	3%	2,492,029	$13,547,751,392
GOZ	Growthpoint Property	4.39	3%	1,091,879	$3,288,962,760
HUB	HUB24 Ltd	27.82	3%	219,156	$2,171,978,369
PDL	Pendal Group Ltd	4.66	2%	2,430,779	$1,743,330,180
MPL	Medibank Private Ltd	3.18	2%	3,861,267	$8,564,950,076
GNE	Genesis Energy Ltd	2.65	2%	17,880	$2,708,060,649
IAG	Insurance Australia	4.53	2%	5,888,829	$10,945,044,915

Telco Uniti Group (ASX:UWL) was the best large cap performer today, up around 15% to $3.68.

The company confirmed it has entered into exclusive discussions with HRL Morrison on behalf of its managed funds clients who are seeking to acquire Uniti at $4.50 per share in cash.

Church donor fintech company, Pushpay (ASX:PPH), was up 5% after increasing as well as narrowing its guidance range.

The company said that it now expects underlying EBITDA for the full year to be between US$61.5m and US$63.5m – compared to the previous guidance of between US$60m and US$65m.

BIG CAP LOSERS

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Code	Name	Price	% Change	Volume	Market Cap
YAL	Yancoal Aust Ltd	4.19	-19%	953,510	$6,866,285,072
CHN	Chalice Mining Ltd	6.83	-10%	5,580,005	$2,691,077,933
CIA	Champion Iron Ltd	6.41	-9%	2,427,104	$3,642,113,726
Z1P	Zip Co Ltd.	1.415	-9%	15,465,157	$1,037,371,636
LYC	Lynas Rare Earths	9.44	-8%	5,231,132	$9,249,718,429
HTA	Hutchison	0.09	-7%	195,440	$1,316,533,332
CMM	Capricorn Metals	3.86	-7%	4,253,456	$1,542,058,797
ASM	Ausstratmaterials	7.25	-7%	661,268	$1,082,566,607
PLS	Pilbara Min Ltd	2.6	-6%	23,577,829	$8,275,599,057
GRR	Grange Resources.	0.945	-6%	3,643,348	$1,168,912,085
AKE	Allkem Limited	9.55	-6%	3,793,121	$6,496,385,721
RMS	Ramelius Resources	1.53	-6%	2,527,013	$1,409,500,802
IGO	IGO Limited	11.77	-6%	2,821,092	$9,458,274,984
NHC	New Hope Corporation	2.79	-6%	5,301,474	$2,463,776,963